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Aus Palladon Ventures wurde heute Palladon Mining ---> MK US$7Mio ---> Unterbewertet!

WKN: A1H6P0 | Symbol: PLLVF
0,0030
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PALLADON VENTURES LTD. ANNOUNCES AGREEMENT TO PURCHASE UTAH …

Palladon Ventures Ltd. (TSXV:PLL) (“Palladon”) is pleased to announce that Palladon and Western Utah Copper Company (“WUCC”) have entered into an agreement with Iron Ore Mines LLC (“IOM”) to purchase all of its iron ore properties and interests in Iron County, in southwestern Utah (the “JV Property”). The JV Property, situated west of Cedar City, Utah, contains two large iron deposits, the Comstock / Mountain Lion and the Rex deposits, and several large, low-grade iron ore stockpiles. The JV Property occupies much of the Iron Springs District, the largest-tonnage and highest-grade productive iron district in the western United States, with a history of iron production extending from 1852 to 1995.

The purchase price for the JV Property is $10.0 million (U.S.), of which $50,000 was paid on signing, $1.3 million will be a credit at closing for the amount of the reclamation bond obligation to be assumed by Palladon and WUCC, and $8.65 million will be paid in cash at closing, scheduled for on or before April 9, 2005. Palladon anticipates that the financing for the acquisition’s purchase price will be from a combination of secured debt and equity financing. The acquisition remains subject to the approval of the TSX Venture Exchange.

The JV Property contains approximately 2,560 hectares of net mineral and surface acres, including 162 hectares of irrigated farm land valuable principally for its water rights. This landholding covers all of the Comstock / Mountain Lion deposit, and most of the Rex deposit. The existing iron ore stockpiles are also located on the JV Property. The iron ore reserves, including all of the Rex and Comstock/Mountain Lion deposits and the stockpiles, total 126,617,000 mt averaging 40.9 % iron. The total reserves, including the stockpiles, contain 51,780,000 mt of Fe (iron metal).

Prior to entering into the purchase agreement with IOM, Palladon and WUCC entered into a Joint Venture Agreement, which provides that Palladon shall have a 65 % interest in the JV Property, and WUCC shall have a 35 % interest in the JV Property.

Both the Comstock / Mountain Lion and Rex deposits were extensively investigated over many years by IOM and its affiliated / parent company Geneva Steel Company, as well as by their predecessors in interest including U. S. Steel and other companies. The Comstock / Mountain Lion deposit produced ore for shipment to steel mills in Utah and Colorado for several decades before shutting down in 1995. The deposit remains as it was left, and is in a condition for mining to resume. The total remaining mineable ore tonnage in this deposit is 25,031,000 mt averaging 47.1 % iron. The Rex deposit has never been mined. This deposit contains an open-pitable reserve of 89,066,000 mt averaging 39.0 % iron. In the general vicinity of the Comstock / Mountain Lion deposit are several low-grade stockpiles, estimated in total to contain 12,520,000 mt averaging 42.0 % iron.

Palladon and WUCC believe that acquisition of the JV Property with its large, high-grade proven iron reserves represents an exceptional business opportunity. At the present time there is no established market for iron ore from the JV Property. For this reason, Palladon and WUCC believe that the best use for the iron ore of the JV Property may be to process the ore on-site to produce direct-reduced iron nuggets (95 % iron) or “hot metal” (liquid pig iron) as feed for an adjoining steel plant, with the steel products to be sold into the growing markets of the southwestern United States. Palladon and WUCC contemplate that such an operation would produce approximately 1 million mt/yr of iron and/or steel products, which at present prices of US$700/mt would generate US$700 million in annual sales. Known reserves would be sufficient for approximately 50 years of production at this rate. The southwestern U. S. is a large and growing market for iron and steel, which to date has been supplied predominantly by foreign steel. Production from the centrally-located JV Property will give the operation substantial transportation cost advantages throughout the southwestern U. S. over imported iron and steel.

Palladon and WUCC intend to immediately undertake assembling the information contained in numerous feasibility studies on the JV Property to investigate the commercial viability of the reserves.

A National Instrument “43-101” Technical Report discussing the geology, mineral reserves and development potential of the JV Property has been prepared for immediate filing. Further information on the JV Property can be obtained from a review of this report.


Qualified Person and Quality Assurance and control

Dr. William B. Wray, Ph.D., L.P.G. (Utah), Member (39 years) S.M.E of A.I.M.E., is acting as the qualified person as defined in National Instrument 43-101 for the purpose of the technical release of information contained herein. Dr. Wray is not independent as he is an officer of Western Utah Copper Company which has an ownership and financial interest in the JV Property which is the subject of this Press Release.

Open House Presentation

Palladon will host an investor presentation and open house on Thursday, January 27, at 4pm in the Westin Bayshore Hotel in Vancouver. Take the Tower elevator to the Chairman Room on the mezzanine level. Please feel free to attend.

For further information, please contact:
George S. Young
303-327-1535 Tel
303-327-1526 Fax

Hamish Greig
Corporate Communications
604-484-7088 Tel
604-484-7044 Fax

email: info@palladonventures.com
web: http://www.palladonmining.com


Das Volumen zog die letzten Tage schon merklich an!

Palladon wird weiterhin wie schon auf dem ASM im September angedeuted sein Western Utah Copper Projekt in Produktion nehmen. Aus beiden Geschaeften erwarte ich Gewinne im Bereich von 8 - 10mio Dollar im Jahr. Die Firma ist derzeit mit 7mio Dollar bewertet. Das muss korrigiert werden, zumal sie weiterhin 3mio Dollar Cash und ein Gebiet mit 65000ha Flaeche in Argentinien besitzen.

Happy buying!

Neono
Klingt ja echt ganz gut... tschenrechner...
die könnte ja locker auf einen euro klettern um fair bewertet zu sein, oder lieg ich da falsch ?
Miner
hallo miner,
ich denke das auch so. mal sehen was neono da so rechnet ;)
wieso neono, kennt der sich in dem bereich gut aus ?
vielleicht kann er ja mal ne rechnung machen, wäre supernett
Gehe auf Programme - Zubehör - Rechner

Dort kannst du selber rechnen :laugh:

Irgendwie habe ich gerade eine dajuvü oder wie das heisst :laugh:

Neono
Bin auch mal mit ner kleinen Posi rein.

Mal schaun was passieren wrid.

Gruss Dirk
Erstmal wird gar nix passieren --- TRADING HALT!

Neono
Bei 35ct liegen schonmal 100000 Stück im Bid :)

Ask ein Witz
0,350 3500
0,355 2000
0,395 3500
0,400 8000
0,440 9000
0,450 22000
0,940 2500
0,950 2500
1,000 5000
leer

Neono
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